A worldwide financial disaster by any other name. The financial crisis of 2008 has been known as many things, both officially and unofficially, depending on not only where one is in the world, but also on which side of the ledger one is on.
For example, many around the globe know it as the Global Financial Crisis or the Great Recession. In some circles, it was informally known as The Great Disaster and The Second Depression.
“Most of the time, anglophile countries refer to it as the Global Financial Crisis, or GFC,” said Cynthia Steer, head of manager research and investment solutions for BNY Mellon Investment Management in New York. “It's interesting to see the public and private terms for it, and whether they've gone to acronyms or full words.”
Russ Koesterich, chief investment strategist for BlackRock Inc. in New York, also has heard it called the GFC in Australia, but the acronym he heard stood for the Great Financial Crisis.
One New York-based money manager who wished to remain anonymous told Pensions & Investments that he had even heard the event referred to in Japan as Lehman Shock.
Bryon Willy, a principal at Mercer Investment Consulting in Chicago, said in his area of fixed income, he's heard it referred to simply as either the credit crisis or liquidity crisis, in both the U.S. and U.K.
“It seems the most accurate description,” said Mr. Willy of the credit crisis handle. “If Lehman hadn't gone under, this still would have happened anyway.”
“You may hear different terms depending on what side of the ledger you're on,” said Jack Boyce, managing director and head of U.S. distribution for Standard Life Investments in Boston. “Sometimes it's simply called 2008.”